Lotte opens store in Tianjin; E-Mart looking to sell outletsLotte Shopping will open its first wholly invested department store on Friday in Tianjin, China, company officials said Thursday.The country’s top retail giant said the store in Tianjin will be the third establishment built overseas, but the first operated “Korean style.”The department store, located in one of the largest cities in China,

Falling energy costs temper price rises; Americans pay more for cars, clothing and hotelsWASHINGTON (AP) ― Falling energy prices cooled overall inflation in May, offering some relief to consumers who have been coping for months with high gas prices.Consumer prices rose 0.2 percent, the smallest increase in six months, the Labor Department said. It was the first drop in energy costs in nearly a yea

Korean Air’s new Airbus A380 (Yonhap News)YEONGJONG ISLAND ― Korean Air’s brand new Airbus A380 superjumbo made a successful landing after its first test flight in Korea on Thursday.The event took place a day ahead of the world’s largest passenger jet’s maiden commercial flight to Japan’s Narita International Airport. About 200 journalists, customers and company officials flew on a two-hour trip t

The Bank of Korea and the Ministry of Strategy and Finance will increase policy coordination as they work to minimize the effect of uncertainties in domestic and international economic conditions. The measures were announced in a joint statement released by the central bank and the ministry following an early morning meeting between Bank of Korea Governor Kim Choong-soo and Finance Minister Bahk J

FSC’s move comes as group’s brokerage and banking units sanctionedThe financial authorities have begun to review laws as to whether Hana Financial Group is an eligible investor to buy a company such as Korea Exchange Bank.Their move comes as the financial group’s brokerage and banking units were sanctioned last month and 2009, respectively, sources said Wednesday.If a financial company receives a

Asiana Airlines opened the first airport lounge specifically for the disabled at Incheon International Airport on Wednesday.The company also donated wheelchairs to a support center for the disabled at the ceremony marking the opening of the lounge.The event was attended by officials from Asiana Airlines, including its chief executive Yoon Young-doo and those from an Incheon-based welfare organizat

Conglomerate replaces two execs responsible for auditingSamsung Group has replaced its top auditing and human resources managers, signaling that a conglomerate-wide shakeup may take place soon.Samsung said it named Chung Hyun-ho as the new head of the business examination team, which oversees audits, and Chung Keum-yong as the chief of human resource support.The replacement of the company’s high-r

Emerging markets will experience continued capital inflow into the region regardless of the expiration of the second round of quantitative easing in the U.S., Robert Rubin, former secretary of the U.S. treasury said in Seoul on Wednesday.“There is a tremendously strong orientation now toward emerging market countries in the investment world. And that has nothing to do with the end of QE2,” Rubin s

Korea Aerospace Industries on Wednesday announced its expansion plan to become the comprehensive aircraft manufacturing company, with details to go public at the end of this month.“KAI is the country’s only comprehensive producer of aircraft materials since it was merged with Samsung Daewoo and Hyundai’s aircraft sectors in October 1999,” president Kim Hong-kyung told reporters at a news conferenc

Korea’s growing economic muscle and brisk exports will turn the country into a leading global exhibition destination, said Choe Dae-kyu, vice chairman of the Association of Korea Exhibition Industry. Registered under the Ministry of Knowledge Economy, the organization promotes trade fairs held here and supports related policies. Its 44 members are largely exhibition hall operators, event organizer

Third-generation members of business families moving up the executive ladderThird-generation chaebol family members appear to be rapidly consolidating their positions at the country’s largest conglomerates.Among the grandchildren of chaebol founders, Hyundai Motor Group’s Chung Eui-sun is taking the fastest route to the top. On Aug. 20, 2009, Hyundai Motor Group promoted chairman Chung Mong-koo’s

NEW YORK (AP) ― Google is making its largest investment yet in clean energy in an effort to help private homeowners put solar panels on their rooftops.The $280 million deal with installer SolarCity is the largest of its kind. SolarCity can use the funds to pay for a solar system that it can offer to residents for no money down. In exchange, customers agree to pay a set price for the power produced

DETROIT (AFP) ― With its turnaround in North America essentially finished, Ford Motor Co. is looking to the next act in its comeback by building its business in Asia’s emerging markets.Ford plans to grow global sales by 50 percent over the next four years with a strong push into markets such as China and India, chief executive officer Alan Mulally said last week. A Ford Motor Co. Mondeo at the Aut